Finance act 2023 amends section 87a, no tax liability for incomes up to Rs 7 lakh

The Ministry of Finance has announced a significant change in personal income tax benefits, implementing an amendment to Section 87A of the Income-tax Act, 1961. This amendment allows a rebate to be taxed, ensuring no tax liability for individuals with income up to Rs. 7 lakh. This move aligns with the government's commitment to easing the tax burden on the middle-income segment.
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